The New York State Senate today approved legislation (S.1634), sponsored by Senator Charles J. Fuschillo, Jr. that would provide tax credits to New York businesses that install alternative energy and electric systems. The tax credit would help offset purchase and installation costs for businesses that install solar energy system equipment and/or fuel cell electric generating equipment.

Senator Fuschillo (R, Merrick), Chairman of the Consumer Protection Committee, "This measure would help encourage the business community to invest in self-sufficient and renewable energy systems and help diversify New York’s energy resources."

Under current law, homeowners are eligible for a personal income tax credit when they invest in solar technologies for their homes. The legislation approved by the Senate today would provide businesses a tax credit of up to 50 percent of the expenses for installation of solar energy equipment and up to 45 percent of the expenses for fuel cell electric generating equipment installation.